[C]
Capital Conservation Buffer
Has the meaning given in BBR 4.31
Capital Floor
The minimum paid up share capital, or equivalent in any currency acceptable to the AFSA, which must be maintained by an AIFC-Incorporated Insurer pursuant to paragraph 1.1 (The Capital Floor) of PINS Schedule 4 (Calculation of Minimum Capital Requirement (MCR)).
The minimum paid up share capital, or equivalent in any currency acceptable to the AFSA, which must be maintained by an AIFC-Incorporated Takaful Operator pursuant to paragraph 1.1 (The Capital Floor) of TRR Schedule 4 (Calculation of Minimum Capital Requirement (MCR)).
Capital Resources
In PRU(INV) has the meaning given in PRU(INV) 3.2.
In PRU(INT) has the meaning given in PRU(INT) 3.1(1).
Captive Insurance Business
The business of Effecting or Carrying out Contracts of Insurance only for the business or operations of the Group to which the Captive Insurer belongs.
Captive Insurer
An Authorised Firm with a Licence to carry on Insurance Business only for the business or operations of the Group to which it belongs.
Captive Takaful Business
The business of Effecting or Carrying out Takaful Contracts only for the business or operations of the Group to which the Captive Takaful Operator belongs.
Captive Takaful Operator
An Authorised Firm with a Licence to carry on Takaful Business only for the business or operations of the Group to which it belongs.
CDD
Customer Due Diligence, as described generally in AML 6
Central Counterparty
A legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer.
Central Securities Depository
A Person who holds Securities or Units in a Listed Fund in uncertificated (dematerialised) form so as to act as a repository of ownership entitlements to such Investments to enable book entry transfer of such Investments for the purposes of settlement of transactions.
Centralised Private E-currency
Private E-currency issued by a single or several administrating authorities that establish the rules for its use, maintain a central payment ledger, and have authority to redeem the Currency (withdraw it from circulation).
Centre Bodies
The bodies identified in Article 9 of the Constitutional Law.
Centre Participant
As defined in Article 1(5) of the Constitutional Law: “legal entities incorporated pursuant to the acting law of the Centre, and other legal entities accredited by the Centre”
Certificate
An instrument:
- (a) which confers on the holder contractual or property rights to or in respect of a Share, Debenture or Warrant held by a Person; and
- (b) the transfer of which may be effected by the holder without the consent of that other Person;
but excludes rights under an Option
CIS
The Collective Investment Scheme Rules
Client
A Person to whom a Centre Participant provides, intends to provide or has provided a service in the course of carrying on a Regulated Activity, Market Activity or Ancillary Service.
Client Investment
An investment as defined in COB 8.3.1
Client Investment Account
An account as defined in COB 8.3.4.
Client Investments Auditor's Report
The report specified in COB 8.3.14.
Client Investments Rule
The Rules contained in COB 8.3.
Client Money
In COB 8, has the meaning given in Rule 8.2.1;
In COB 11, Money of any currency that an Insurance Intermediary receives or holds for, or on behalf of, a Client in the course of, or in connection with,
Insurance Intermediation, except Money which is:
(a) due and payable by the Client to the Insurance Intermediary:
- (ii) in its capacity as agent of an insurer where the Insurance Intermediary acts in accordance with COB 11.8.4;
(i) for its own account; or
(b) otherwise received by the Insurance Intermediary under an arrangement made between an insurer and another Person that has authority to underwrite risks, settle claims, or handle refunds of premiums on behalf of that insurer outside the AIFC and where the Money relates to that business.
Client Money Account
Has the meaning given in COB 8.2.4
Client Money Auditor's Report
The report specified in COB 8.2.19.
Client Money Rules
The Rules contained in COB 8.2
COB
The Conduct of Business Rules.
Code of Ethics for Professional Accountants
The code of ethics for accountants issued by the International Ethics Standard Board for Accountants (IESBA) of IFAC.
Cold Digital wallet
A Digital wallet that is stored in a platform (device) that is not connected to the Internet.
Collateral
An Investment which belongs to a Client has been paid for in full by the Client and which is held or controlled by the Authorised Firm under the terms of a deposit, pledge, charge or other security arrangement.
Collective Investment Scheme
As defined in section 92 of the Framework Regulations, which is, in summary, any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable Persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income.
Commitment Period
The period specified by an Authorised Crowdfunding Platform in which lenders or Investors may commit to lending to a particular Borrower or investing with a particular Issuer.
Commodities Risk Capital Requirement
A component of Market Risk Capital Requirement and calculated in accordance with BBR 6.5 and chapter 6 of BPG.
Company service provider
A Company service provider is a Person, not captured by (a) to (e) of the definition of DNFBP that, by way of business, provides any of the following services to a customer:
- (a) acting as an agent of legal persons to form a company;
- (b) acting as, or arranging for another Person to act as, a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;
- (c) providing a registered office, business address, or accommodation, correspondence or administrative address for a company, a partnership, or any other legal person or arrangement; or
- (d) acting as, or arranging for another Person to act as, a nominee shareholder for another Person, including through acting on trust for discretionary purposes.
Compliance Officer
The individual performing the Controlled Function identified in GEN 2.2.5.
Connected Person
In relation to a Person (A), a Person which has or at any relevant time had the following relationship to A:
- (a) a member of A’s Group;
- (b) a Controller of A;
- (c) a member of a partnership of which A is a member;
- (d) an Employee or former Employee of A;
- (e) if A is a Body Corporate:
- (i) an officer or manager of A or of a parent of A;
- (ii) an agent of A or of a parent of A;
- (f) if A is a Partnership is or has been a member, manager or agent of A; or
- (g) if A is an unincorporated association of persons which is not a Partnership, is or has been an officer, manager or agent of A.
Consolidated Return
A Consolidated prudential return means a prudential return which reflects the accounts, statements and reports of a Bank consolidated with those of the other members of its Financial Group.
Constitution
In relation to a Fund:
- (a) which is in the form of a Body Corporate, the instrument of incorporation;
- (b) which is in the form of a Trust, the trust deed;
- (c) which is in the form of a Partnership, the partnership deed; or
- (d) adopting a form other than one specified in (a) to (c), any instrument creating the legal form of the Fund to which the Fund Manager is a party setting out provisions relating to any aspect of the operation or management of the Fund.
Contingency Funding Plan
Has the meaning given in BBR 9.10.
Contingent Liability Transaction
A Derivative under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of his position.
Contract for Differences
(1) Subject to sub‐paragraph (2), rights under—
- (a) a contract for differences; or
- (b) any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in—
- (i) the value or price of property of any description; or
- (ii) an index or other factor designated for that purpose in the contract.
(2) There are excluded from sub‐paragraph (1) —
- (a) rights under a contract if the parties intend that the profit is to be secured or the loss is to be avoided by one or more of the parties taking delivery of any property to which the contract relates;
- (b) rights under a contract under which money is received by way of deposit on terms that any interest or other return to be paid on the sum deposited will be calculated by reference to fluctuations in an index or other factor;
- (c) rights under a Contract of Insurance.
Contract of Insurance
Any contract of insurance or contract of reinsurance.
Contract of Insurance
Any enforceable contract under which a 'provider' undertakes: (1) in consideration of one or more payments; (2) to pay money or provide a corresponding benefit (including in some cases services to be paid for by the provider) to a 'recipient'; (3) in response to a defined event the occurrence of which is uncertain (either as to when it will occur or as to whether it will occur at all) and adverse to the interests of the recipient.
Contract of Reinsurance
A Contract of Insurance covering all or part of a risk to which a Person is exposed under a Contract of Insurance.
Contravention
The conduct identified in section 119 of FSFR.
Control
In relation to a Family Business or Family Entity, the exercise of at least 75 percent of voting control or other direct or indirect control over the affairs of that Family Business or Family Entity by:
- (a) one or more members of a Single Family;
- (b) one or more Family Fiduciary Structures;
- (c) one or more Family Entities; or
- (d) a combinations of any of the above.
Controlled Function
A function of an Authorised Person that may only be carried out by an Approved Individual.
Controller
A Person who, either alone or with any Associate:
- (a) holds 10% or more of the shares in either the Authorised Person or a Holding Company of that Authorised Person; or
- (b) is entitled to exercise, or controls the exercise of, 10% or more of the voting rights in either the Authorised Person or a Holding Company of that Authorised Person; or
- (c) is able to exercise significant influence over the management of the Authorised Person as a result of holding shares or being able to exercise voting rights in the Authorised Person or a Holding Company of that Authorised Person or having a current exercisable right to acquire such shares or voting rights.
Corporate Governance Principles
The principles prescribed in MAR 2.2.
Correspondent Account
An arrangement under which a Bank (correspondent) holds funds on behalf of other bank (respondent) to make payments and other related services for or on behalf of the respondent bank.
Counterparty Grade
The grade of an asset according to the rating of its counterparty, in accordance with the table at paragraph 3.1 (Table A Grade of assets according to counterparty ratings) of PINS Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).
The grade of an asset according to the rating of its counterparty, in accordance with the table at paragraph 3.1 (Table A Grade of assets according to counterparty ratings) of TRR Schedule 5 (Calculation of Prescribed Capital Requirement (PCR)).
Credit Conversion Factor
In relation to an off-balance sheet exposure of a PRU Dealing Investment Firm.
Credit Equivalent Amount
Has the meaning given in BBR 5.11
Credit Facility
Any facility which includes any arrangement or agreement which extends monetary credit whether funded or unfunded to a Person including but not limited to any loan or syndicated loan, mortgage, overdraft, financial lease, letter of credit, financial guarantee, trade finance, transaction finance, project finance or asset finance.
Credit Provider
Has the meaning given in BBR 1.7
Credit Rating
An opinion regarding the creditworthiness of an entity, Security, debt or other financial obligation which is disseminated to the public or distributed to a Person by subscription and expressed using an established and defined ranking system regarding the creditworthiness of the rating subject.
Credit Risk
In relation to an Authorised Firm, the risk of loss if a counterparty fails to perform or on (or) meet its financial obligation to the Authorised Firm.
Credit Risk Capital Requirement
The meaning given in PRU(INV) 3.3(4).
For Banking Business Firms has the meaning given in BBR 4.11 and in Chapter 5 of BBR
Credit Risk Mitigation
Has the meaning given in BBR 5.14.
Crowdfunding Platform
An Investment Crowdfunding Platform or a Loan Crowdfunding Platform.
CTF
Counter-Terrorist Financing.
Current Account
An account with a Bank held in the name of a Client through which the Client can place funds, withdraw cash and execute and receive payment transactions.
Customer
Unless otherwise indicated, a customer is:
(a) A person where, in relation to a business relationship between the person and a Relevant Person, there is a firm intention or commitment by each party to enter into a contractual relationship or where there is a firm commitment by each party to enter into a transaction, in connection with a product or service provided by the Relevant Person;
(b) A client of an Authorised Firm;
(c) A member, prospective member, or an applicant for admission of Investments to trading on an Authorised Market Institution; or
(d) A person with whom a Relevant Person is otherwise establishing or has established a business relationship.